The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.11 - Central banking
380 jobs Number of planned job losses
100 jobs Number of planned job creations
Announcement Date
2 August 2006
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2006
Description
On 2 Augsut 2006 Landesbank Baden-Wuerttemberg LBBW, the central banking institution of the savings banks of Baden Wuerttemberg, reported that job cuts will amount to 380 in 2006. The vast majority of jobs were already shed in the first half of the year. LBBW ranks among the five largest German banks. The banking institution of the federal state of Rhineland-Palatinate (Landesbank Rheinland-Pfalz) and the regional banking company of Bank Baden Wuerttemberg (BBW), which was acquired in 2005, are subsidiaries of LBBW. The administrative staff of both subsidiaries are pooled at LBBW, which in August 2006 employes a workforce of 12,282. Job cutting measures have been into effect to cut administrative costs. On 2 August 2006 LBBW (Landesbank Baden-Württemberg) also announced the creation of up to 100 new jobs in its financial markets division.
Sources
3 August 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), Landesbank Baden-Wuerttemberg (LBBW), Internal restructuring in Germany, factsheet number 63907, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63907.
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